Nicola Wealth Management LTD. purchased a new stake in shares of General Mills, Inc. (NYSE:GIS) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 40,300 shares of the company’s stock, valued at approximately $1,816,000.
A number of other hedge funds also recently made changes to their positions in GIS. Avestar Capital LLC acquired a new position in General Mills during the fourth quarter valued at approximately $100,000. Lee Financial Co grew its holdings in General Mills by 178.2% during the first quarter. Lee Financial Co now owns 2,504 shares of the company’s stock valued at $113,000 after purchasing an additional 1,604 shares during the last quarter. Institutional & Family Asset Management LLC acquired a new position in General Mills during the first quarter valued at approximately $115,000. Truewealth LLC acquired a new position in General Mills during the fourth quarter valued at approximately $119,000. Finally, Financial Gravity Companies Inc. acquired a new position in General Mills during the fourth quarter valued at approximately $131,000. Institutional investors own 74.57% of the company’s stock.
Shares of General Mills opened at $44.97 on Friday, MarketBeat reports. The firm has a market capitalization of $25.53 billion, a P/E ratio of 14.60, a PEG ratio of 1.92 and a beta of 0.77. General Mills, Inc. has a one year low of $41.01 and a one year high of $60.69. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.69 and a quick ratio of 0.45.
General Mills (NYSE:GIS) last issued its earnings results on Wednesday, March 21st. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.78 by $0.01. The firm had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.87 billion. General Mills had a return on equity of 37.64% and a net margin of 13.96%. General Mills’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the business earned $0.72 earnings per share. sell-side analysts predict that General Mills, Inc. will post 3.07 earnings per share for the current fiscal year.
General Mills declared that its board has initiated a stock repurchase program on Friday, February 23rd that authorizes the company to buyback shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
In other news, CEO Jeffrey L. Harmening bought 6,000 shares of General Mills stock in a transaction that occurred on Wednesday, May 23rd. The stock was purchased at an average cost of $42.18 per share, with a total value of $253,080.00. Following the completion of the transaction, the chief executive officer now directly owns 114,696 shares in the company, valued at $4,837,877.28. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is owned by company insiders.
Several equities research analysts have recently weighed in on GIS shares. Zacks Investment Research cut General Mills from a “hold” rating to a “sell” rating in a research report on Wednesday. Piper Jaffray Companies set a $45.00 price objective on General Mills and gave the company a “hold” rating in a research report on Tuesday, June 5th. Goldman Sachs Group reissued a “neutral” rating and issued a $47.00 price objective on shares of General Mills in a research report on Thursday, May 31st. Susquehanna Bancshares set a $50.00 price objective on General Mills and gave the company a “buy” rating in a research report on Monday, May 21st. Finally, ValuEngine cut General Mills from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $52.71.
General Mills Company Profile
General Mills, Inc manufactures and markets branded consumer foods in the United States. The company operates in four segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, shelf stable and frozen vegetables, and ice cream and frozen desserts, as well as grain, fruit and savory snacks; and various organic products, including nutrition bars, meal kits, salty snacks, and ready-to-eat cereal.
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